Manual on Concurrent Audit of Banks (2023 edition): In India, Banking Sector plays an important role in the development of the economy. The Government has focused on expanding banking coverage in India through various schemes such as Pradhan Mantri Jan Dhan Yojana and Post Payment Banks, etc. With these schemes, combined with key banking sector reforms such as digital payments, neo-banking, the rise of Indian NBFCs, and fintech, have considerably improved the India’s financial ecosystem and helped to fuel the country’s credit cycle.
This changing landscape in banking sector has put more emphasis on risk management and control functions and made the role of concurrent Auditors very important. The Manual on Concurrent Audit of Banks is being issued by the Board of Internal Audit and Management Accounting (BIAMA) of the Institute of Chartered Accountants of India (ICAI) with the objective to provide detailed guidance to the members on concurrent audit of banks. I am happy to note that the Board has come out with this revised and updated 2023 edition of “Manual on Concurrent Audit of Banks” for benefit of the members and stakeholders at large. I compliment CA. Rajendra Kumar P., Chairman, CA. Charanjot Singh Nanda, Vice Chairman, and other members of the Board of Internal Audit and Management Accounting of ICAI for bringing out this revised Manual to assist the members in maintaining quality in concurrent audit of banks.
I am confident that the members and other stakeholders would find this Manual highly useful in their professional assignments.
CA. Aniket S. Talati
New Delhi President, ICAI